Posted on 13 Aug 2009
In other AIG news, the insurer announced that it has entered into an agreement to sell 100 percent of its shares of AIG Finance (Hong Kong) Limited ("AIG Finance") to China Construction Bank Asia for $70 million in cash, subject to typical closing adjustments, plus the repayment of intra-group indebtedness and deposits of approximately US$557 million.
The transaction is subject to the satisfaction of certain conditions, including approvals by appropriate regulatory authorities.
AIG Finance is a leading issuer of credit cards in Hong Kong, operating as a restricted license bank that offers a variety of financial products and services. As of June 30, 2009, AIG Finance had more than 500,000 customers, total net loan receivables of HK$4.8 billion and a retail deposits balance of HK$1 billion.
Deutsche Bank acted as financial advisor to AIG on this transaction.